Kelly Criterion Calculator

Find the theoretically optimal fraction of capital to risk per trade, based on your win rate and payoff ratio.

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Formula

Kelly % = W − (1−W)/R, where W is win probability (as a decimal) and R is the ratio of average win to average loss. Most practitioners use a fraction (e.g. half-Kelly) rather than the full amount, since full Kelly can be aggressive.

Educational tool only โ€” not investment advice. Markets involve risk; past performance and illustrative math don't guarantee future results.